2025-08-01 12:31
LONDON, Aug 1 (Reuters) - Dozens of carbon project developers are urging the registries that set standards for the voluntary carbon market to overhaul their complaints procedures, following several high-profile cases that have dented trust in the sector. The voluntary carbon market, which lets companies buy credits to offset their emissions, has been under growing scrutiny, with many environmental groups saying it generates "junk" credits that allow firms to "greenwash". Sign up here. But industry advocates say complaints about projects, which have in some cases led registries such as U.S.-based Verra to stop them from generating credits, are causing unfair damage to the sector as a whole and holding up vital sources of funding for environmental and climate initiatives. The Project Developers Forum, which represents more than 60 carbon projects from Kenya to Singapore, said current complaints procedures do not offer an effective way for developers to defend any alleged wrongdoing before it is made public. "You see a lot of projects getting suspended and it becomes public very quickly," the forum's chair, Nick Marshall, told Reuters. "Integrity is non-negotiable, but how we surface and respond to allegations matters just as much." Marshall also said a few bad actors were doing undue damage to the industry's reputation and that developers with knowledge of wrongdoing tended not to come forward because the whistle-blowing procedure was not sufficiently anonymised. He said the group has asked leading registry Verra to develop a clear policy and secure submission form on its website which would allow information about possible integrity issues to be shared anonymously. Verra told Reuters in a statement it has had a formal and robust process in place for submitting complaints since early 2024 and that it "already contains provisions that address the concerns that the PD Forum has raised". Last year, Verra rejected as many as 37 low-emission rice cultivation projects located in China following a quality control review. https://www.reuters.com/sustainability/climate-energy/carbon-project-developers-call-complaints-procedure-overhaul-2025-08-01/
2025-08-01 12:29
MOSCOW/LONDON, Aug 1 (Reuters) - OPEC+ will likely approve another oil output hike on Sunday, sources familiar with the discussions said, adding that the producer group was still debating the final size of the increase for September. OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it reversed course this year to regain market share, and as U.S. President Donald Trump demanded OPEC pump more oil to help keep a lid on gasoline prices. Sign up here. Three sources said eight OPEC+ members could boost output by 548,000 barrels per day in September while a fourth source familiar with OPEC+ talks said discussions on the volume were ongoing and the hike could be smaller. OPEC and authorities in Saudi Arabia did not respond to requests for comment sent on Thursday. https://www.reuters.com/business/energy/opec-seen-further-raising-oil-production-sunday-sources-say-2025-08-01/
2025-08-01 12:22
WASHINGTON, Aug 1 (Reuters) - U.S. President Donald Trump on Friday urged the Federal Reserve board to assume control if Fed Chair Jerome Powell continues to refuse to lower interest rates. "Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!" Trump said in a social media post, using his customary capitalization for emphasis. Sign up here. The U.S. central bank held interest rates steady on Wednesday and Federal Reserve Chair Jerome Powell's comments after the decision undercut confidence that borrowing costs would begin to fall in September, stoking the ire of Trump, who has demanded immediate and steep rate relief. The latest policy decision was made by a 9-2 vote, which passes for a split outcome at the consensus-driven central bank, with two Fed governors dissenting for the first time in more than 30 years. Trump referred to the dissent in a subsequent Truth Social post: "STRONG DISSENTS ON FED BOARD. IT WILL ONLY GET STRONGER! 'TOO LATE!'" The seven members of the Fed Board of Governors are nominated by the president and confirmed by the U.S. Senate. https://www.reuters.com/world/us/trump-fed-board-should-assume-control-if-powell-wont-lower-interest-rates-2025-08-01/
2025-08-01 12:17
Shares rise in pre-market trading Second-quarter oil and gas output at highest in more than 25 years Low production costs cushion impact of price fall HOUSTON, Aug 1 (Reuters) - Exxon Mobil (XOM.N) , opens new tab, the United States' biggest oil producer, beat Wall Street estimates for second-quarter profit on Friday as higher oil and gas output and low production costs offset the impact of lower crude prices. Oil and gas production was the highest for any second quarter since the merger of Exxon and Mobil formed the company more than 25 years ago, Exxon Mobil said. Sign up here. Adjusted earnings during the second quarter were $7.1 billion, or $1.64 per share, surpassing consensus analyst estimates of $1.56 per share, data compiled by LSEG showed. The energy sector has struggled with price volatility as the OPEC+ group increased its production, pushing global benchmark Brent crude prices down 11% in the quarter. Global tariffs levied by U.S. President Donald Trump added to price weakness because they raised the prospect of a weakening global economy with knock-on effects for oil demand. "The second quarter, once again, proved the value of our strategy and competitive advantages, which continue to deliver for our shareholders no matter the market conditions or geopolitical developments," Exxon CEO Darren Woods said in a statement. Shares of Exxon were slightly higher in pre-market trading. Exxon paid $4.3 billion in dividends and repurchased $5 billion worth of shares during the quarter. The buyback figure puts the company on track to meet its annual share repurchase goal of $20 billion. The company's main production areas include the Permian basin, the largest U.S. oilfield, as well as the prolific Stabroek Block off the coast of Guyana. The low cost of production in those fields allows them to stay profitable even during times of lower oil prices, Exxon has said previously. Global production totaled 4.6 million barrels of oil equivalent per day during the quarter, up from 4.5 million boed in the previous three months. The start-up of Yellowtail, a fourth floating production, storage and offloading facility in Guyana, is anticipated next week, the company said. In a press briefing, Woods said he would assess opportunities for acquisitions, but with a high bar. "We're not interested in buying volume," he said. "We're very focused on creating value." Last month, Exxon lost a legal challenge against Hess, one of its partners in Guyana, which cleared the way for rival Chevron CVX.N to complete its acquisition of Hess. Exxon argued it had a contractual pre-emptive right to purchase Hess' 30% stake in the Stabroek Block. Woods said Exxon sought out legal opinions from neutral, third parties about the joint operating agreement that governed the partnership between Exxon, Hess and China's CNOOC in Guyana. "In every case, and I mean in literally every case, we were told that our rights were clear," Woods said. The arbitrators said that Exxon had a commercially reasonable argument but that it relied on a narrow textual interpretation, Woods said, adding that the company would take steps to strengthen future contracts as needed. Earnings from oil and gas production were $5.4 billion, down from $6.7 billion in the first quarter. Exxon said it expects lower scheduled maintenance in its refining business during the third quarter. https://www.reuters.com/business/energy/exxon-beats-profit-estimates-higher-output-counters-weaker-oil-prices-2025-08-01/
2025-08-01 12:05
MADRID, Aug 1 (Reuters) - The European Court of Justice on Friday dealt a blow to environmental groups trying to stop wind farms from being built in Spain's northwestern Galicia region, in a ruling affecting billions of euros of investment. Companies developing wind farms in Galicia and regional authorities welcomed the decision, which is a setback to opponents' strategy of using the courts to block plans they say encroach on the environment and the lives of local people. Sign up here. The court rejected the environmentalists' argument that the public's rights to consultation had been violated. The decision affects dozens of planned wind projects that were approved by the regional government and then halted by the highest regional court after locals and environmental groups filed hundreds of lawsuits. Last year, the Galician court asked the European Court of Justice to rule on whether Galician and Spanish laws comply with EU access to information rules in the permitting process. Carmen Bouso from the regional government's environment department said the court's decision "clearly and emphatically supports" the procedures used to approve wind energy projects and the government's full respect of the public's rights to participate in the process. She urged regional judges to resume their consideration of lawsuits that they had put on hold pending the ruling of the European court. The AEE, a Spanish wind industry group, welcomed the ruling as "a key step toward restoring legal certainty" in the region. "Now it's time to act quickly and responsibly so that the projects that have been stalled until now can resume operations as soon as possible," AEE General Director Juan Virgilio Marquez said. There are 92 wind farms targeted by legal actions in Galicia, 86 of which have been halted before construction started, according to data provided by regional authorities. They involve an estimated investment of 3 billion euros ($3.42 billion) and have a total planned capacity of almost 2.5 gigawatts (GW). ($1 = 0.8762 euros) https://www.reuters.com/sustainability/climate-energy/eu-court-rules-against-green-groups-trying-block-spanish-wind-farms-2025-08-01/
2025-08-01 11:56
Aug 1 (Reuters) - Canadian pipeline operator Enbridge (ENB.TO) , opens new tab, beat analysts' estimates for second-quarter profit on Friday, boosted by contributions from recently acquired U.S. gas utilities and strong earnings from its gas transmission business. The company said it sanctioned a 40 billion cubic feet expansion of the Aitken Creek gas storage facility in British Columbia, Canada to support growing west coast LNG export demand and a 160 million cubic feet per day expansion of Line 31 in the U.S. Southeast. Sign up here. Pipeline operators are benefiting from an increase in demand for natural gas, primarily driven by LNG exports, as well as rising electricity demand. "We are capitalizing on growing power demand and strong natural gas fundamentals," said CEO Greg Ebel. Calgary-based Enbridge last year bought three Dominion Energy (D.N) , opens new tab utilities — East Ohio Gas, Questar Gas and Public Service Co of North Carolina — in a $14 billion deal, including debt. This powered a jump in adjusted core earnings to C$840 million, from C$567 million last year, in its gas distribution and storage unit. Enbridge reported an adjusted core profit of C$1.38 billion ($995.02 million) from its gas transmission unit, up from C$1.08 billion a year earlier. The company is also building out its renewables portfolio and said last month that it had reached a final investment decision to invest $900 million on a 600-megawatt solar power project in Texas, backed by Meta (META.O) , opens new tab. Enbridge sanctioned roughly C$2 billion in new projects during the quarter. The company said it does not expect tariffs to have a material impact on its current operations or deployment of capital, though it will continue to monitor the developments. Enbridge posted an adjusted profit of 65 Canadian cents per share for the quarter ended June 30, beating analysts' average expectation of 57 Canadian cents, according to data complied by LSEG. ($1 = 1.3869 Canadian dollars) https://www.reuters.com/business/energy/pipeline-operator-enbridge-beats-quarterly-profit-estimates-2025-08-01/
